Private equity firm Providence Equity Partners will pull out of the running to acquire IMG following its deal to purchase a majority stake in rival agency Learfield Communications, according to the New York Post newspaper.
Learfield Communications, whose Learfield Sports arm owns the multimedia rights to more than 50 college sports programmes in the US, announced on Monday that Providence Equity Partners had agreed to become the company’s majority shareholder.
Private equity company Forstmann Little last month began formally soliciting buyers for IMG and is said to have asked for initial bids by mid-September, with a sale expected to fetch more than $2bn (€1.52bn). IMG distributes rights for numerous sports properties through its IMG Media division.